Will Market-oriented Environmental Policies Promote The Eco-innovation Of Listed Companies?

This paper investigates the different effectiveness of the so called carbon-trading system pilots(CTSP)policy and the carbon financial markets behind in seven pilots on promoting the green innovation of listed companies in China.Considering the different policy implementation node time and policy details in the seven pilot provinces,we find the control provinces for the seven pilots respectively and construct five groups to analyze the different policy performance on the eco-innovation in different pilots.The empirical results show that for listed companies in Shanghai,Guangdong and Shenzhen,the environmental regulation promote the green innovations,while have no impact on the eco-innovation for companies in Beijing,Tianjin,Hubei and Chongqing.Based on that,we further consider the heterogeneity caused by corporate ownership,Then we conclude that CTSP policy promotes more green patents for state-owned companies than individual companies in Shanghai,while individual listed companies in Guangdong and Shenzhen invented more green patents,compared with state-owned enterprises after 2013.And for listed companies in Beijing,Tianjin,Chongqing and Hubei,the ownership of listed companies does not affect the eco-innovation activities after the implementation of CTSP policy in these provinces.This thesis also made explanation for the result through analyzing the carbon financial markets in the seven pilots.